December 3, 2009

THEY'VE GOT A NAME FOR THAT WHERE WE COME FROM:

New Details on Tiger's Prenup (Gerald Posner, 12/03/09, Daily Beast)

When the couple married on Oct. 5, 2004, at the Sandy Lane resort in Barbados, Elin signed a prenuptial agreement reportedly worth $20 million after 10 years of marriage, not considered a large payout for someone who was already as successful as Tiger by then. (The tightlipped Woods camp, almost obsessive about releasing any personal information after Tiger’s blundering interviews with GQ in 1997, has never acknowledged the existence of the first prenup, although it’s been widely reported).

But in light of a string of women coming forward to say they had affairs with Tiger since his marriage, Elin has demanded that the prenup be rewritten, Chicago Sun-Times columnist Bill Zwecker reported Wednesday. “The links legend’s spouse is reportedly being paid a hefty seven-figure amount—immediately transferred [sic] into an account she alone controls—to stick with her husband,” Zwecker wrote. “At this point, the couple needed to remain married for 10 years in order for Woods’ wife to collect a splitsville settlement of $20 million. I’m being told that time frame has been shortened—and the dollar amount increased ‘substantially.’”

The lawyer familiar with the couple’s negotiations told The Daily Beast that Tiger also has agreed to shorten the original prenup to seven years from the date of marriage, meaning it will vest in another two. And the revised agreement provides for a staggered schedule of payments spread out over five years that could be worth upward of $75 million. So for Elin to collect $80 million, she’ll need to stay with Tiger another seven years, be a dutiful wife in showing up with him at social events and in public as if they were still the perfect couple, and sign a nondisclosure form that will prevent her from ever telling her story. Even if she lasts only two more years, she’ll still walk away with nearly twice what she was entitled to under the original prenup.

Reblog this post [with Zemanta]
Posted by Orrin Judd at December 3, 2009 7:01 AM
blog comments powered by Disqus
« THE ESCALATOR OF LITE: | Main | GOTTA HIKE THAT 9%: »